The acquisition will expand Riskonnect’s market-leading IRM and governance, risk and compliance platform offerings at a time when enterprises across various vertical markets are facing increased rules and regulations. This move will also further help enterprises navigate today’s increasingly complex regulatory environment.

According to Gartner’s, John Wheeler, the IRM market — formerly referred to as “governance, risk management and compliance (GRC)” — is estimated to have grown by 17 percent from 2015 to 2016. In a blog post from earlier this year, Wheeler stated the market is projected to grow at a 13.4 percent compound annual growth rate to reach $7.3 billion by 2020.

Earlier this year, leading private equity investment firm, Thoma Bravo invested in Riskonnect to better position the company to extend its reach into the integrated risk management, GRC and health and safety management markets.

“Thoma Bravo was focused on investing in a best-in-class risk management and GRC platform,” said Hudson Smith, partner at Thoma Bravo. “This acquisition helps Riskonnect accelerate its product roadmap, while providing enterprises with solutions they need to make decisions across traditional risk management, governance, risk and compliance areas.”

“Integrated Risk Management and GRC are both becoming more mission critical to enterprises,” said Rajesh Unadkat, former Aruvio CEO. “By combining our industry knowledge and complementary product offerings, Riskonnect and Aruvio will provide customers the much-needed tools to tackle various ongoing risk challenges. We believe customers will benefit greatly from the shared industry knowledge and expanded product development this acquisition delivers.”